Producer prices for food products fell by 9.3% in the 12 months to October 2023, according to the Central Statistics Office (CSO).
The Wholesale Price Index for October 2023, published today (Friday, November 24), shows that the Food Products, Beverages and Tobacco Index was down by 8.1% over the period.
Some of the most notable changes in producer prices for food products in the year up to October 2023 were: dairy products dropping 34.1%; vegetable and animal oils and fats falling 8.2% and other food products declining by 8.7%.
Producer prices for fish and fish products increased by 6.2% and fruit and vegetables were up by 2.6%.
Other grain milling, starches and animal feeds prices were down by 2.5%, while meat and meat products recorded an increase of 1.2%.
CSO
Commenting on the data, Jillian Delaney, statistician in the CSO prices division, said: “Food products prices on the wholesale market are now lower than any time during the past 21 months.
“The last time that prices were lower than the current rate was in December 2021.
“Producer prices for dairy products were also lower in October 2023 than at any time since December 2021 having dropped by 8.8% since September 2023 and by 34.1% since October 2022,” she said.
The CSO also noted that wholesale electricity prices increased by 12.5% in the month to October 2023 but were 7.8% lower in the 12 months to October 2023.
Wholesale prices for construction products were unchanged in the month to October 2023, while they rose by 1.3% in the 12 months since October 2022.
In the year to October 2023 producer prices for wood and wood products fell by 10.8% and basic metals were down 8.6%. However, other non-metallic mineral products, such as glass, ceramics, cement, concrete and stone were up 8.3%.